Card, 67, was injured and his wife, Mandy, 57, died at the scene after the fatal collision on Geelong Ring Road, south-west of Melbourne.
Another man, aged 23, and a 19-year-old woman were also injured in the crash when a truck hit a BMW about 11.20pm.
Card is believed to have been the driver and his wife the passenger.
The former AFL player has been charged with culpable driving causing death and dangerous driving causing death.
Card was given bail and will appear at Geelong Magistrates Court on November 26.
He remains in hospital under police guard as authorities investigate the crash.
Secretary Nick Walsh told 9news.com.au the club is “absolutely devastated beyond belief for Ray and the loss of his beautiful wife Mandy”.
Card played 110 games for the Geelong Cats between 1977 and 1987.
He won best and fairest in the club in 1983.